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Old 12-19-2015, 08:08 PM   #61
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Alaskan-

Your plans mirror ours pretty much, I retired at 59, 19 years ago. Purchased our first retirement boat knowing that at some point I would have to adjust for age. We maintained lovingly our 30 foot converted tug venturing to all corners of our ‘Boating world”. We have all we need within 150 mile radius. Hence we do well with simplicity and yes there was always an improvement or something to keep busy. We did hit the age factor three years ago and sadly let go and sold the wood tug and purchased our current glass boat.
Following your threads that included the looked forward retirement has been noted and now, welcome get up home as soon and safe as you can. Jump in, the retirement waters of Alaska are fantastic!!



I am 13 days from retirement. Yep less than 2 weeks. I am 57 and we bought ASD in 2013 so I would have time to make her ours. As some TF have read, I just added the last piece of equipment (laptop). I am ready to go north. There will always be things to fix, improve etc. I gave myself a few years to get it together. Just me I guess.”......

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“No- I do not have a auto pilot nor a rudder indicator. The boat I have was purchased with simplicity in mind. one VHF, one radar,one compass, one $75.00 tablet with a 'Free' download GPS chart system. backed up with my IPhone 'free' charts and two Hummingbird feet/fathom meters.
I am adding a 'SPOT' location/routing GPS unit this Spring and upgrading the VHF to that which has the Lat/Lon feature.
Inexpensive, easy to fix/replace


Al-Ketchikan
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Old 12-19-2015, 08:50 PM   #62
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Great thread!! I'll try my best to avoid repeating the many good points already raised which I agree with.

I generally don't like to take on debt except for house and sometimes a car, but we NEVER pay interest or fees for consumer purchases and I've almost always paid off the loans early. I hate paying interest, fees, fines and taxes! Having said that, for many years I dreamed of owning a boat. Bought my first one, a 19 ft SeaRay bowrider, at age 43. I was smitten. As I approached retirement, I just knew I needed a boat to fill the drive within me to fish and cruise in comfort during my retirement years. I didn't know diddly squat about owning 'big' boats, but my best friend did and he brought me up to speed.

I knew that I'd have more time than money in retirement, so a diesel trawler fit the bill...slow but cheap. I only had so much to spend so a used boat updated by the PO worked for me. When I decided to buy, I was 49 and planning for an age 55 retirement. I could have paid cash, but didn't want to dip into money earmarked for retirement or family obligations like food, housing and college, even temporarily. I could afford more boat by borrowing the money but knew it needed to be paid off before retirement. If I had 5 years to pay it off, I'd also have 5 years to

1. make sure it's what I really enjoyed before jumping into retirement with both feet (but you already have that box checked),

2. see if this is the right boat for me in retirement since I was starting with zero big boat experience (not a problem for you),

3. confirm that I was able to maintain the vessel on my own and it would fit into my retirement budget (you already know that), and

4. have time to make improvements and modifications to suit my tastes and needs.

To make a long story short, I feel I got the boat I wanted for my mission. I found it within 6 months of starting the hunt. I had the time to pay off the loan early, tweak the boat to my liking, build some experience and stock the boat with spares and future projects to keep me busy in retirement. I have not needed to lay out substantial sums to improve the boat in the 3 years since my retirement 1 day before my 55th birthday.

I got lucky with an ER that suits me for my stage of life. It's big enough for my big ass. It's not stand-up for the big jobs but it's a convertible with hatches. Just takes a little more time, but access from fwd and aft for daily checks is very workable so far for me. I can still crawl 360 degrees around my twin engines to this day, although I don't do it for fun.

One other issue I haven't seen addressed: Will a "retirement boat" that you purchase now meet your needs over the years remaining until retirement? Many feel the need for speed in their boats to make the most of their limited boating time while still employed. The slow retirement boat might not be a good fit for the next working years.
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Old 12-19-2015, 09:07 PM   #63
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Alaskan-

Your plans mirror ours pretty much, I retired at 59, 19 years ago. Purchased our first retirement boat knowing that at some point I would have to adjust for age. We maintained lovingly our 30 foot converted tug venturing to all corners of our ‘Boating world”. We have all we need within 150 mile radius. Hence we do well with simplicity and yes there was always an improvement or something to keep busy. We did hit the age factor three years ago and sadly let go and sold the wood tug and purchased our current glass boat.
Following your threads that included the looked forward retirement has been noted and now, welcome get up home as soon and safe as you can. Jump in, the retirement waters of Alaska are fantastic!!



I am 13 days from retirement. Yep less than 2 weeks. I am 57 and we bought ASD in 2013 so I would have time to make her ours. As some TF have read, I just added the last piece of equipment (laptop). I am ready to go north. There will always be things to fix, improve etc. I gave myself a few years to get it together. Just me I guess.”......
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Al,

You brought tears to my eyes. I love Alaska almost as much as the Admiral. Alaska will ALWAYS be my first true love. I must say that 45f and rain is better than 10f and snow. When we reach Ketch, I will make sure to let you know so we can share a drink or two together....Tom
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Old 12-19-2015, 10:52 PM   #64
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Having a ballroom for a Hell Hole sounds on the surface grand , but realistically you will just inspect and perhaps do PM , and most repairs will be a hired wrench. Who cares if he has to lug the new starter , rather than wheel a cart?
Hell hole......well termed as always, Fred, but the sound of the term itself is why I want my stand-up engine room. I imagine a place big enough to hold all the tools and the machinery of the boat. Add a workbench with a vise, bench grinder and enough room to actually work on something, and with the wiring and plumbing organized enough not to have to pay a contortionist to reach the things I'm no longer able. An access door instead of a hatch is assumed. Of course, affording it might be another thing. I can't see my retirement boat without my own special place to retire too. Heck, I'd probably add a head, a fridge and a lounge chair for that matter.
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Old 12-19-2015, 11:36 PM   #65
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450 miles, huh? That's a lot of boring time....how did you cope with that?
By doing 25 miles per day - with the rest for play! Silly
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Old 12-20-2015, 12:03 AM   #66
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You brought tears to my eyes. I love Alaska almost as much as the Admiral. Alaska will ALWAYS be my first true love.
Same here. Sixteen years since I left, but I still (and probably always will) tear up when I hear the Flag Song. Every year lately we do a week or two-week charter with another couple. This year might be Alaska (out of Juneau), if it works. Every time I go back to visit I want to kiss the ground like the Pope when he lands in a foreign country.
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Old 12-20-2015, 02:24 AM   #67
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Almost any used boat you buy will need some sorting out, improving,fixing, they are not always what they seem, plus as experience widens what you want may change. There is value in acquiring the boat before retirement while income is still flexible and perhaps able to be expanded with extra work effort. That way you may move into retirement with the boat better "sorted out", as you want it, in the condition you want, with any expensive items already done and dusted.
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Old 12-20-2015, 06:43 AM   #68
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"Hell hole......well termed as always, Fred, but the sound of the term itself is why I "want my stand-up engine room. I imagine a place big enough to hold all the tools and the machinery of the boat. Add a workbench with a vise, bench grinder and enough room to actually work on something, and with the wiring and plumbing organized enough not to have to pay a contortionist to reach the things I'm no longer able."

My point is in retirement you will eventually reach the point where its far easier to hire a wrench than sit below at a work bench tearing apart yet another failed part.

Using commercial vessel style items instead of "yacht" grade can help ,,if you do the installation while boat repair.upgrade is still part of your boating hobby.

Once repair/replacement becomes a PIA , all you need to do is inspect the workmanship and write a check.

An operating engine space is never a fun place to be , headroom or not.

That's why I suggest having as many serviceable items , like fuel filter banks OUT of the hell hole.

Boating rags push the Holy Place idea as if you would rather cruise there than at the helm.

Good for them , but its not many that chose that style cruising..
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Old 12-20-2015, 08:22 AM   #69
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My point is in retirement you will eventually reach the point where its far easier to hire a wrench than sit below at a work bench tearing apart yet another failed part.

Once repair/replacement becomes a PIA , all you need to do is inspect the workmanship and write a check.

I think this is legit. We don't have stand-up headroom, but we have a decent day hatch and if necessary I can remove floor hatches. That mostly works for now, and when it doesn't... it's easy to whip out the trusty checkbook once I've diagnosed an issue.

Example: our port side water pump is outboard. I can get there, but already chose not to. The young engine tech in our yard does an impeller change much better/faster/cheaper than I can. AND... stand-up headroom wouldn't matter in this case anyway.

I've got plenty of room down there for the tools I need, when I do the work. Room for a bench grinder? No, but then again if the job needs a bench grinder I'm not going to be the one doing it.

Would I like more ER space? Sure. Is that a major feature for us? No, not really (although any smaller might get more attention) We occupy and use the other 95% of the boat much more often. And I'm not ever intending to enjoy lunch or cocktails or whatever in the engine room. Much better places aboard for that kind of stuff.

On the original topic... in our case it was useful to buy about 5 years prior to retirement so I could begin to learn systems. That purchase was only loosely based on retirement planning; the primary driver was that we were due for a new boat with some target features (e.g., stairs to the bridge) we eventually discovered we wanted. IOW, it was just time to move up.

10 years later, I'm still learning systems (and have improved some), but we've also enjoyed 10 years on the boat in the meantime. Finance charges? Not wonderful, but we just look at is a rent we're paying on all that current enjoyment.


And NOW I can say this is likely our retirement boat. Might not have been able to say that at first, although we could make that a reasonable guess. Now I think we've confirmed it... through everything we've learned about it along the way. Unless we win the lottery, of course!


YMMV, whatever floats your boat, etc., etc,. etc.

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Old 12-20-2015, 08:34 AM   #70
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...... A retirement boat ought to have a stand-up engine room. ................
While a "stand-up" engine room would be nice, many boats are not large enough to make this a practical feature. I wouldn't give up salon or head space for a stand-up engine room.

Every boat is a compromise and the smaller the boat the greater the compromises. Hopefully, you will spend much more time out of the engine room than in it so that's where you should focus your attention.
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Old 12-20-2015, 08:36 AM   #71
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I've said it befor, I think standup engine rooms are great,,, in a ship. Or in a boat over 65 feet. Its just to much lost room in a boat with very little to begin with. If it were just me on my 50ish foot trawler a standup engine room would be great, heck I would make it full beam wide and take up a third of the boat. But, most other people wouldnt appreciate that as much as me, especially my wife. I cant give much advice on a retirement boat. I retired about 16 years ago (I'm 53) and still dont know what I like best.
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Old 12-20-2015, 08:50 AM   #72
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Two cents, if you buy it now and use it until you retire that is a good thing. If you buy it now and look at the boat for 10 years then I would rather look at the money somewhere else. We bought ours one year before I retired and left on it 6 months after retirement.
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Old 12-20-2015, 09:44 AM   #73
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At 41 I bought my retirement boat. I just didn't know it at the time.
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Old 12-20-2015, 09:54 AM   #74
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We bought ours 2 years prior. I didn't have that much time to work on it in those 2 years. We wanted to cruise during vacation time, not work on the boat. That turned out just about right for us. The biggest factor for us is no boat payments (or car, house, etc) after retirement on limited income. Maintaining an active cruiser can be a full time job in itself. We don't want to worry about choosing to pay the loan or pay to fix when Uncle Big Bill eventually comes along.
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Old 12-20-2015, 10:27 AM   #75
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I don't believe in borrowing money for toys. ... There are going to be a lot of post-retirees needing to dispose of their boats within the next decade.
I'm in complete agreement! (I wanted to say"I couldn't agree more" but Eric (Manyboats) would call me out on that.) There's going to be some great boats for sale out there in a few years as the "glut" of people retiring continues to grow. It's simply a matter (as Mark Says) of building up the boat funds, then pulling the trigger when the right one presents itself.
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Old 12-20-2015, 10:46 AM   #76
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I'm in complete agreement! (I wanted to say"I couldn't agree more" but Eric (Manyboats) would call me out on that.) There's going to be some great boats for sale out there in a few years as the "glut" of people retiring continues to grow. It's simply a matter (as Mark Says) of building up the boat funds, then pulling the trigger when the right one presents itself.
CASH - Baby!! Got Cash??? Cash will buy many good used boats (and other items)... at affordable price!!!

We own everything we have... a little note running on one house for TD reasons. With a RCL in the $1M range... just in case we want to turn something quickly. Keep everything well insured.

Toys should always be paid for via expendable CASH! - MO... YRMV
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Old 12-20-2015, 11:16 AM   #77
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CASH - Baby!! Got Cash??? Cash will buy many good used boats (and other items)... at affordable price!!!

We own everything we have... a little note running on one house for TD reasons. With a RCL in the $1M range... just in case we want to turn something quickly. Keep everything well insured.

Toys should always be paid for via expendable CASH! - MO... YRMV
It's pretty easy to pay cash if the numbers are small or if the person is older.

The plain truth is that the game changes for most folks when the boat price rises and or the person is younger.

Very few pre-retirees can write a quarter or a half million dollar check and not raid their retirement funds. That leaves the choices as financing or a less costly boat, or dreaming of boating, being a keyboard captain while saving funds for a decade.

I for one didn't want a 50' remodeling project sitting at the dock waiting for me to spend my time on, which is what you get as the price of the boat drops to the "just write a check" level. I also didn't want to be a dreamer, hoping someday I could afford to pay cash for a large boat, and praying every night to the s&p 500 gods for a stroke of good luck, while the clock of life keeps ticking away.
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Old 12-20-2015, 12:44 PM   #78
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Make no decision before it's time.

That's what would guide me in this decision. Until the time, you have plans, but plans change constantly. I certainly never anticipated how my life would be today five years ago. Never at any point in my life have I been smart enough to know what five years ahead would really be like. Retirement was always a plan but the plan was never to the place it ended up, never at the age it ended up, and definitely not the boats.

If you had no boat today then I'd feel different and encourage getting one, but today you have a boat that meets today's needs well. As much as you think you know your retirement needs in a boat, that is so subject to change. You might decide the boat you have is fine. You might decide on what you're thinking today. You might find you want something different. There will be a whole new group of boats by then at all prices and ages. Your capabilities both financially and physically may be better or poorer than you anticipate. Your ideal location may change.

I feel the more information you have, the better decisions and choices can be. As to retirement, you'll have far more information the closer you get to the time.
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Old 12-20-2015, 02:16 PM   #79
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It's pretty easy to pay cash if the numbers are small or if the person is older.

The plain truth is that the game changes for most folks when the boat price rises and or the person is younger.

Very few pre-retirees can write a quarter or a half million dollar check and not raid their retirement funds. That leaves the choices as financing or a less costly boat, or dreaming of boating, being a keyboard captain while saving funds for a decade.

I for one didn't want a 50' remodeling project sitting at the dock waiting for me to spend my time on, which is what you get as the price of the boat drops to the "just write a check" level. I also didn't want to be a dreamer, hoping someday I could afford to pay cash for a large boat, and praying every night to the s&p 500 gods for a stroke of good luck, while the clock of life keeps ticking away.
I understand Kevin. What I say is MO only and YRMV... for anyone else.

I addition - for "High Quality" boats... as well as most other things.. I firmly believe in KISS, Affordability, and Redundancy. I also believe (for boats that is) to purchase only the size you need for comfort and for reasons/areas you plan to use the boat.

Happy Boating Daze! - Art
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Old 12-20-2015, 03:45 PM   #80
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...Very few pre-retirees can write a quarter or a half million dollar check and not raid their retirement funds. That leaves the choices as financing or a less costly boat, or dreaming of boating, being a keyboard captain while saving funds for a decade.

I for one didn't want a 50' remodeling project sitting at the dock waiting for me to spend my time on, which is what you get as the price of the boat drops to the "just write a check" level. I also didn't want to be a dreamer, hoping someday I could afford to pay cash for a large boat, and praying every night to the s&p 500 gods for a stroke of good luck, while the clock of life keeps ticking away.
One of the best posts ever, right there, on the well-trod topic of boat and toy financing. That debate comes up on nearly every boating forum at one time or another, and there's my rationale exactly. I don't disagree with the pay-cash guys for one second if you can do it, but I can relatively easily earn the payments now, I can do the maintenance and improvements now (both financially and physically), and I'm at the top of my earning power now. I'd rather be on the water now than sitting at home eating generic mac and cheese, all proud of myself that I'm self-disciplined with money and I'll be able to write a check for a boat someday.
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